Nokia

Nokia Q3 2026: AI & Cloud revenue more than doubles YoY as Network Infrastructure surges 15%, driving 220bps comparable margin expansion

Nokia's Q3 2026 results demonstrate accelerating AI-driven demand inflecting the business: AI & Cloud net sales grew 123% on constant currency to EUR 631 million, with EUR 1.5 billion in new orders secured in the quarter and combined Optical and IP Networks guided to grow 25-30% in 2027. Comparable operating margin expanded 220bps to 11.7%, confirming operating leverage is materializing as restructuring charges obscure reported results. The Infinera integration is tracking one year ahead of schedule with EUR 200 million in net synergies, while Nokia's first AI-RAN call completed live with T-Mobile and NVIDIA marks a concrete milestone toward commercial deployment.

Nokia Corporation is a Finnish multinational technology company that provides network infrastructure, software, and technology licensing globally. The company operates across telecommunications and related technology sectors, serving communications service providers, enterprises, and government customers. Nokia also generates significant revenue through its intellectual property licensing arm, Nokia Technologies.

Primary products

• Optical Networks (metro, regional, long-haul, data center interconnect)
• IP Networks (IP routing, data center switching)
• Fixed Networks (home broadband equipment)
• Radio Networks (radio access products across 3GPP generations)
• Core Software (cloud-native mobile core, AI-driven operations)
• Technology Standards (patent portfolio licensing, standards research)